Сredit Card with Bitcoin Rewards Is to Become a Reality Very Soon
This week, BlockFi, a crypto lending company, announced the upcoming release of its rather unusual credit card – the Bitcoin Rewards Credit Card. The card will become the first-ever credit card with cryptocurrency rewards.
Until now, credit cards’ rewards programs could offer cashback, points, or miles. But earning credit card rewards in the form of bitcoin is something new. Still, cryptocurrency cannot be called a completely new form of card rewards. There are several prepaid debit cards that offer such rewards programs.
It is known that the Bitcoin Rewards card will be issued by Evolve Bank & Trust on the Visa network. Approved applicants can earn 1.5% cash back on all purchases that will automatically be converted to bitcoin and placed into a BlockFi account every month. The accumulated bitcoin then may earn interest, be traded, used as collateral toward a crypto-backed loan, or withdrawn.
The card is expected to come with a sign-up bonus of $250 in bitcoin. To get this offer, cardholders will need to spend $3,000 with the card within the first three months from account opening.
As for the Bitcoin Rewards Credit Card’s rates and fees, the only thing that has already been disclosed is the amount of the annual fee. It will be equal to $200.
The card should be issued in spring 2021. It will be available to US residents with the exception of New Yorkers. Such a decision is conditioned by regulatory restrictions of the state. At the moment, it is already possible to join the waitlist at the official website. However, until January, this option is only available to current BlockFi customers with funded BlockFi Interest Accounts.
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